Willis Lease Finance Q3 earnings fall 55.3%
Aircraft and equipment sales included $89.1 million from five aircraft, two engines and one airframe.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
8-K
Rhea-AI Filing Summary
Willis Lease Finance Corporation (WLFC) reported record third-quarter 2026 revenue of $246.3 million, up 34.3% from the prior-year quarter. Lease rent revenue rose 10.2% to $84.4 million, while spare parts and equipment sales reached $98.1 million, compared with $5.4 million a year earlier.
Equipment sales included $89.1 million from five aircraft, two engines and one airframe. The company said the increase primarily reflected five aircraft acquired in connection with the WNG Acquisition and sold to its joint venture, Willis Mitsui & Company Engine Support Limited, with WLFC acting in a warehouse capacity. Maintenance reserve revenue fell 48.3% to $39.3 million.
Expenses increased 61.6% to $234.8 million; income from operations declined 69.8% to $11.5 million, and net income attributable to common shareholders fell 55.3% to $10.2 million. Adjusted EBITDA, a non-GAAP measure, was approximately $100.9 million versus $135.0 million a year earlier. Assets under management were $4.9 billion as of September 30, 2026.
2 points · 0 major0 major · 2 points
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointThird-quarter revenue reached a record $246.3 million, up 34.3% year over year.
- Moderate pointLease rent revenue rose 10.2% to $84.4 million.
Negative
- Moderate pointOperating income declined 69.8% to $11.5 million year over year.
- Moderate pointCommon-shareholder net income fell 55.3% to $10.2 million year over year.
Filing Explained
This 8-K’s third-quarter results release reports WLFC’s September 30 balance-sheet position: cash and cash equivalents of
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Total revenue: $246.3 million; up 34.3%
Lease rent revenue: $84.4 million; up 10.2%
Maintenance reserve revenue: $39.3 million; down 48.3%
+5 more
8 metrics
Total revenue
$246.3 million; up 34.3%
Third quarter 2026 compared with third quarter 2025
Lease rent revenue
$84.4 million; up 10.2%
Third quarter 2026 compared with third quarter 2025
Maintenance reserve revenue
$39.3 million; down 48.3%
Third quarter 2026 compared with third quarter 2025
Total expenses
$234.8 million; up 61.6%
Third quarter 2026 compared with third quarter 2025
Income from operations
$11.5 million; down 69.8%
Third quarter 2026 compared with third quarter 2025
Net income attributable to common shareholders
$10.2 million; down 55.3%
Third quarter 2026 compared with third quarter 2025
Adjusted EBITDA (non-GAAP)
Approximately $100.9 million in 2026 and $135.0 million in 2025
Three months ended September 30
Assets under management
$4.9 billion
As of September 30, 2026
Key Terms
Adjusted EBITDA, maintenance reserve revenue, short-term maintenance revenues, assets under management
4 terms
Adjusted EBITDA financial
"Adjusted EBITDA, a non-GAAP financial measure"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
maintenance reserve revenue financial
"Maintenance reserve revenue"
Maintenance reserve revenue is money a company receives specifically to cover future upkeep or repairs on an asset, like machinery, vehicles, or leased equipment. Think of it as a repair fund paid in advance by a customer: investors watch it because it boosts cash flow now but may not represent actual profit until the related maintenance work is done, so it affects how you judge a company’s true earnings and future repair costs.
short-term maintenance revenues financial
"Short-term maintenance revenues are a proxy for flight time"
assets under management financial
"The value of our assets under management"
Assets under management (AUM) is the total value of all the investments that a financial company or fund is responsible for overseeing on behalf of its clients. It’s like a big bucket that shows how much money the firm is managing for people or organizations. A higher AUM often indicates a larger, more trusted company, and it can influence how much money they earn and the services they can offer.
Earnings Snapshot
Total revenue: $246.3 million · Guidance included
Third quarter ended September 30, 2026
Total revenue
$246.3 million
+34.3%
Lease rent revenue
$84.4 million
+10.2%
Maintenance reserve revenue
$39.3 million
-48.3%
Income from operations
$11.5 million
-69.8%
Net income attributable to common shareholders
$10.2 million
-55.3%
Guidance
The company said it expects profits in its core leasing business to accelerate as it realizes economies of scale.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What was WLFC's third-quarter 2026 revenue?
WLFC reported total revenue of $246.3 million for the quarter ended September 30, 2026, up 34.3% from the third quarter of 2025. Lease rent revenue was $84.4 million, up 10.2%, and spare parts and equipment sales were $98.1 million.
What were WLFC's third-quarter 2026 earnings?
Net income attributable to common shareholders was $10.2 million, down 55.3% from $22.9 million in the third quarter of 2025. Income from operations was $11.5 million, compared with $38.0 million a year earlier.
How many engines and aircraft were represented in WLFC's lease assets?
As of September 30, 2026, WLFC said its operating-lease assets, notes receivable and maintenance rights represented 341 engines, 31 aircraft and one marine vessel, along with other leased parts and equipment.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________________________________________________________________
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
______________________________________________________________________
Date of Report (Date of earliest event reported): November 3, 2026
(Exact Name of Registrant as Specified in Charter)
| (State or Other Jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification Number) | ||||||||||||
(Address of Principal Executive Offices) (Zip Code)
Registrant’s telephone number, including area code: (561 ) 349-9989
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
| Title of Each Class | Trading Symbol | Name of exchange on which registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Item 2.02 Results of Operations and Financial Condition.
On November 3, 2026, Willis Lease Finance Corporation (the “Company”) issued a news release setting forth the Company’s results from operations for the three and nine months ended September 30, 2026 and financial condition as of September 30, 2026. A copy of the news release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
The information and exhibit furnished under this Item 2.02 shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.
Item 9.01 Financial Statements & Exhibits.
| Exhibit No. | Description | |||||||
| 99.1 | News Release issued by Willis Lease Finance Corporation dated November 3, 2026. | |||||||
| 99.2 | Investor Presentation issued by Willis Lease Finance Corporation dated November 3, 2026. | |||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |||||||
2
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned duly authorized officer.
Dated: November 3, 2026
| WILLIS LEASE FINANCE CORPORATION | ||||||||
| By: | /s/ Scott B. Flaherty | |||||||
| Scott B. Flaherty | ||||||||
| Executive Vice President and Chief Financial Officer | ||||||||
3
Exhibit 99.1
CONTACT: | Scott B. Flaherty | |||||||
| NEWS RELEASE | Executive Vice President & Chief Financial Officer | |||||||
| 561.413.0112 | ||||||||
Willis Lease Finance Corporation Reports Solid Third Quarter 2026 Financial Results with Record Revenues and Income From Investments
COCONUT CREEK, FL — November 3, 2026 — Willis Lease Finance Corporation (NASDAQ: WLFC) (“WLFC” or the “Company”), the leading lessor of commercial aircraft engines and global provider of aviation services, today announced its financial results for the third quarter ended September 30, 2026.
Third Quarter 2026 Highlights (All metrics compared to third quarter 2025, except where noted)
•Record quarterly total revenue of $246.3 million, an increase of 34.3%
•Record quarterly lease rent revenue of $84.4 million, an increase of 10.2%
•Quarterly maintenance services revenue of $11.2 million, an increase of 208.5%
•Quarterly management and advisory fees of $4.5 million, an increase of 140.0%
•Record quarterly income from investments of $7.3 million, an increase of 40.8%
“Year to date we have focused on launching Willis Aviation Capital and growing AUM,” said Austin Willis, CEO of Willis Lease Finance Corporation, “as we now refocus on growing the entire Willis platform, inclusive of our balance sheet, we expect profits in our core leasing business to accelerate as we realize economies of scale.”
Third Quarter 2026 Operating Results
Lease rent revenue increased by $7.8 million, or 10.2%, to $84.4 million in the three months ended September 30, 2026 from $76.6 million for the three months ended September 30, 2025. The increase is due to an increase in the average size of the portfolio as compared to that of the prior year period and a strong lease rate factor.
During the third quarter of 2026, the Company recognized $2.6 million of long-term maintenance revenue, compared to $29.5 million for the quarter ended September 30, 2025, as the maintenance reserves and end-of-lease payments for assets coming off lease with long-term conditions were higher in the prior comparable period. Long-term maintenance revenue is influenced by end-of-lease compensation and the realization of long-term maintenance reserves associated with assets coming off lease. Engines on lease with “non-reimbursable” usage fees generated $36.8 million of short-term maintenance revenues, compared to $46.6 million in the comparable prior period. Short-term maintenance revenues are a proxy for flight time of our portfolio of engines.
Spare parts and equipment sales increased by $92.7 million, to $98.1 million for the three months ended September 30, 2026, compared to $5.4 million for the three months ended September 30, 2025. Spare parts sales were $9.1 million and $5.4 million for the three months ended September 30, 2026 and 2025, respectively, an increase of $3.7 million, or 67.8%, compared to the same period in 2025. The increase in spare parts sales reflects variations in the timing of sales to third-party customers and is not reflective of intra-company sales as the parts business provides used serviceable material across the broader Willis platform. Equipment sales for the three months ended September 30, 2026 were $89.1 million for the sale of five aircraft, two engines, and one airframe. There were no equipment sales for the three months ended September 30, 2025. The increase in equipment sales primarily reflects the sale of five aircraft acquired in connection with the WNG Acquisition to the Company’s joint venture, Willis Mitsui & Company Engine Support Limited (“WMES”), where the Company acted in a warehouse capacity to effect these transactions.
For the quarter ended September 30, 2026, the gain on sale of leased equipment was $5.5 million, reflecting the sale of eight engines and other parts and equipment from the lease portfolio. During the three months ended September 30, 2025, the Company sold 10 engines, one airframe, and other parts and equipment for a net gain of $16.1 million.
The book value of lease assets owned either directly or through WLFC’s joint ventures, inclusive of the Company’s equipment held for operating lease, maintenance rights, notes receivable, and investments in sales-type leases was $4,174.2 million as of September 30, 2026.
The value of our assets under management, inclusive of the book value of WLFC’s on-balance sheet assets as well as leased assets in our joint ventures, third-party managed assets, and managed fund portfolios was $4.9 billion as of September 30, 2026.
NON-GAAP FINANCIAL MEASURES
Adjusted EBITDA
We analyze our financial data to evaluate the health of our business and assess our performance. As appropriate, in addition to income or loss from operations under GAAP, we use Adjusted EBITDA, a non-GAAP financial measure, to evaluate our business. We believe that this non-GAAP financial measure provides meaningful supplemental information regarding our performance as it excludes certain items that may not be indicative of our recurring operating results. We also believe that investors, in addition to management, benefit from referring to this non-GAAP financial measure in assessing our performance, when viewed together with our GAAP results. While items excluded from Adjusted EBITDA may be recurring in nature and should not be disregarded in evaluating performance, it can be useful to exclude such items as they can vary significantly between periods and or not be indicative of current or future operating results.
Because non-GAAP financial measures are not standardized, our calculation of Adjusted EBITDA may differ from similarly titled non-GAAP measures, if any, reported by other companies. This non-GAAP financial measure should not be considered in insolation from, or as a substitute for, financial information performed in accordance with GAAP.
We define Adjusted EBITDA as net income attributable to common shareholders, excluding (i) income tax expense, (ii) interest expense, (iii) preferred stock dividends/costs, (iv) loss on debt extinguishment, (v) depreciation and amortization expense, (vi) stock compensation expense, (vii) write-down of equipment, (viii) acquisition, financing and divestitures related expenses, and (ix) other items not indicative of our ongoing operating performance.
Adjusted EBITDA was approximately $100.9 million and $135.0 million for the three months ended September 30, 2026 and 2025, respectively, and $345.5 million and $354.4 million for the nine months ended September 30, 2026 and 2025, respectively. See below for the reconciliation of Adjusted EBITDA to the most directly comparable GAAP measure, net income attributable to common shareholders.
| Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| (in thousands) | |||||||||||||||||||||||
| Net income attributable to common shareholders | $ | 10,228 | $ | 22,885 | $ | 62,635 | $ | 97,316 | |||||||||||||||
| Add: Income tax expense | 7,126 | 18,893 | 26,709 | 41,198 | |||||||||||||||||||
| Add: Interest expense | 32,243 | 34,177 | 94,565 | 99,840 | |||||||||||||||||||
| Add: Preferred stock dividends/costs | 1,446 | 1,439 | 4,291 | 4,254 | |||||||||||||||||||
| Add: Loss on debt extinguishment | 562 | 2,963 | 13,010 | 2,963 | |||||||||||||||||||
| Add: Depreciation and amortization expense | 31,367 | 28,662 | 90,613 | 81,236 | |||||||||||||||||||
| Add: Stock compensation expense | 12,262 | 11,281 | 38,717 | 34,939 | |||||||||||||||||||
| Add: Write-down of equipment | 4,450 | 10,201 | 10,509 | 23,768 | |||||||||||||||||||
| Add: Acquisition, financing and divestitures related expenses | 1,164 | 676 | 5,966 | 1,504 | |||||||||||||||||||
| Add: Other (1) | 35 | 3,826 | (1,546) | (32,622) | |||||||||||||||||||
| Adjusted EBITDA | $ | 100,883 | $ | 135,003 | $ | 345,469 | $ | 354,396 | |||||||||||||||
________________________________________________________
1.During the three months ended September 30, 2026 and 2025, the Company recognized $11 thousand and $3.8 million, respectively, and $(1.6) million and $10.3 million, respectively, during the nine months ended September 30, 2026 and 2025 in non-recurring project expenses associated with the sustainable aviation fuel
project, which the Company decided to cease further investment in. The negative expense recognized during the nine-month period ended September 30, 2026 reflects government grant proceeds recognized. Additionally, during the three and nine months ended September 30, 2026, the Company recognized $24 thousand in expense associated with reincorporation, and during the nine months ended September 30, 2025, the Company recognized $43.0 million in relation to the gain on sale of the BAML business.
Balance Sheet
As of September 30, 2026, the Company had $3,024.4 million of equipment held in our operating lease portfolio, $128.6 million of notes receivable, and $146.5 million of maintenance rights, which represented 341 engines, 31 aircraft, one marine vessel, and other leased parts and equipment. As of December 31, 2025, the Company had $2,801.7 million of equipment held in our operating lease portfolio, $139.9 million of notes receivable, $30.6 million of maintenance rights, and $16.6 million of investments in sales-type leases, which represented 363 engines, 20 aircraft, one marine vessel and other leased parts and equipment.
Conference Call
WLFC will hold a conference call led by the executive management team today at 10:00 a.m. Eastern Time to discuss its third quarter 2026 results.
To participate in the conference call, please use the following dial-in numbers:
U.S. and Canada: +1 (800) 330-6730
International: +1 (786) 297-8585
Conference ID: 6125236
Participant Passcode: 974110
The conference call may also be accessed by registering via the following link:
https://event.webcasts.com/starthere.jsp?ei=1759374&tp_key=c0ab3b632b
A digital replay will be available two hours after the completion of the conference call. To access the replay, please visit the Investor Relations sections of our website at https://www.wlfc.global/investor-center.
About Willis Lease Finance Corporation
Willis Lease Finance Corporation (WLFC) leases large and regional spare commercial aircraft engines and aircraft to airlines, aircraft engine manufacturers and maintenance, repair and overhaul providers worldwide. These leasing activities are integrated with engine and aircraft trading, engine lease pools and asset management services, as well as various end-of-life solutions for engines and aviation materials provided through Willis Aeronautical Services, Inc. Additionally, through Willis Engine Repair Center®, Jet Centre
by Willis, and Willis Aviation Services Limited, the Company’s service offerings include Part 145 engine maintenance, aircraft line and base maintenance, aircraft disassembly, parking and storage, airport FBO, and ground and cargo handling services.
Forward-Looking Statements
Except for historical information, the matters discussed in this press release contain forward-looking statements that involve risks and uncertainties. Do not unduly rely on forward-looking statements, which give only expectations about the future and are not guarantees. By their nature, forward-looking statements involve a number of inherent risks, uncertainties and assumptions and are subject to change in circumstances that are difficult to predict and many of which are outside of our control. These risks, uncertainties and assumptions could adversely affect the outcome and financial effects of the plans and events described herein. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update them to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which the forward-looking statement is based, except as required by law. Our actual results may differ materially from the results discussed, either expressly or implicitly, in forward-looking statements. Factors that might cause such a difference include, but are not limited to: the effects on the airline industry and the global economy of events such as war, terrorist activity and natural disasters; changes in oil prices, rising inflation and other disruptions to world markets; trends in the airline industry and our ability to capitalize on those trends, including growth rates of markets and other economic factors, as well as the impact of new or increased tariffs; risks associated with owning and leasing jet engines and aircraft; our ability to successfully negotiate equipment purchases, sales and leases, to collect outstanding amounts due and to control costs and expenses; changes in interest rates and availability of capital, both to us and our customers; our ability to continue to meet changing customer demands; regulatory changes affecting airline operations, aircraft maintenance, accounting standards and taxes; the market value of engines and other assets in our portfolio; and risks detailed in the Company’s Annual Report on Form 10-K and other continuing and current reports filed with the Securities and Exchange Commission. It is advisable, however, to consult any further disclosures the Company makes on related subjects in such filings. These statements constitute the Company’s cautionary statements under the Private Securities Litigation Reform Act of 1995.
Unaudited Condensed Consolidated Statements of Income
(In thousands, except per share data)
| Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||||||||||||||
| 2026 | 2025 | % Change | 2026 | 2025 | % Change | ||||||||||||||||||||||||||||||
| REVENUE | |||||||||||||||||||||||||||||||||||
| Lease rent revenue | $ | 84,379 | $ | 76,552 | 10.2 | % | $ | 238,901 | $ | 216,559 | 10.3 | % | |||||||||||||||||||||||
| Maintenance reserve revenue | 39,326 | 76,054 | (48.3) | % | 141,294 | 181,656 | (22.2) | % | |||||||||||||||||||||||||||
| Spare parts and equipment sales | 98,131 | 5,394 | 1,719.3 | % | 140,998 | 53,988 | 161.2 | % | |||||||||||||||||||||||||||
| Interest revenue | 2,585 | 3,360 | (23.1) | % | 6,556 | 10,943 | (40.1) | % | |||||||||||||||||||||||||||
| Gain on sale of leased equipment | 5,452 | 16,134 | (66.2) | % | 55,449 | 48,153 | 15.2 | % | |||||||||||||||||||||||||||
| Gain on sale of financial assets | — | — | nm | 592 | 378 | 56.6 | % | ||||||||||||||||||||||||||||
| Maintenance services revenue | 11,217 | 3,636 | 208.5 | % | 29,969 | 17,253 | 73.7 | % | |||||||||||||||||||||||||||
| Management and advisory fees | 4,515 | 1,881 | 140.0 | % | 17,934 | 6,431 | 178.9 | % | |||||||||||||||||||||||||||
| Other revenue | 717 | 378 | 89.7 | % | 2,992 | 1,262 | 137.1 | % | |||||||||||||||||||||||||||
| Total revenue | 246,322 | 183,389 | 34.3 | % | 634,685 | 536,623 | 18.3 | % | |||||||||||||||||||||||||||
| EXPENSES | |||||||||||||||||||||||||||||||||||
| Depreciation and amortization expense | 31,367 | 28,662 | 9.4 | % | 90,613 | 81,236 | 11.5 | % | |||||||||||||||||||||||||||
| Cost of spare parts and equipment sales | 91,070 | 6,684 | 1,262.5 | % | 120,584 | 50,109 | 140.6 | % | |||||||||||||||||||||||||||
| Cost of maintenance services | 12,918 | 5,135 | 151.6 | % | 32,128 | 19,085 | 68.3 | % | |||||||||||||||||||||||||||
| Write-down of equipment | 4,450 | 10,201 | (56.4) | % | 10,509 | 23,768 | (55.8) | % | |||||||||||||||||||||||||||
| General and administrative | 48,732 | 49,190 | (0.9) | % | 160,895 | 147,339 | 9.2 | % | |||||||||||||||||||||||||||
| Technical expense | 13,495 | 8,352 | 61.6 | % | 33,130 | 22,090 | 50.0 | % | |||||||||||||||||||||||||||
| Net finance costs: | |||||||||||||||||||||||||||||||||||
| Interest expense | 32,243 | 34,177 | (5.7) | % | 94,565 | 99,840 | (5.3) | % | |||||||||||||||||||||||||||
| Loss on debt extinguishment | 562 | 2,963 | (81.0) | % | 13,010 | 2,963 | 339.1 | % | |||||||||||||||||||||||||||
| Total net finance costs | 32,805 | 37,140 | (11.7) | % | 107,575 | 102,803 | 4.6 | % | |||||||||||||||||||||||||||
| Total expenses | 234,837 | 145,364 | 61.6 | % | 555,434 | 446,430 | 24.4 | % | |||||||||||||||||||||||||||
| Income from operations | 11,485 | 38,025 | (69.8) | % | 79,251 | 90,193 | (12.1) | % | |||||||||||||||||||||||||||
| Gain on sale of business | — | — | nm | — | 42,950 | (100.0) | % | ||||||||||||||||||||||||||||
| Income from investments | 7,311 | 5,192 | 40.8 | % | 14,532 | 9,625 | 51.0 | % | |||||||||||||||||||||||||||
| Income before income taxes | 18,796 | 43,217 | (56.5) | % | 93,783 | 142,768 | (34.3) | % | |||||||||||||||||||||||||||
| Income tax expense | 7,126 | 18,893 | (62.3) | % | 26,709 | 41,198 | (35.2) | % | |||||||||||||||||||||||||||
| Net income | 11,670 | 24,324 | (52.0) | % | 67,074 | 101,570 | (34.0) | % | |||||||||||||||||||||||||||
| Net income (loss) attributable to noncontrolling interests | (4) | — | nm | 148 | — | nm | |||||||||||||||||||||||||||||
| Net income attributable to WLFC | 11,674 | 24,324 | (52.0) | % | 66,926 | 101,570 | (34.1) | % | |||||||||||||||||||||||||||
| Preferred stock dividends | 1,376 | 1,369 | 0.5 | % | 4,082 | 4,045 | 0.9 | % | |||||||||||||||||||||||||||
| Accretion of preferred stock issuance costs | 70 | 70 | — | % | 209 | 209 | — | % | |||||||||||||||||||||||||||
| Net income attributable to common shareholders | $ | 10,228 | $ | 22,885 | (55.3) | % | $ | 62,635 | $ | 97,316 | (35.6) | % | |||||||||||||||||||||||
| Basic weighted average income per common share | $ | 0.48 | $ | 1.12 | $ | 3.00 | $ | 4.82 | |||||||||||||||||||||||||||
| Diluted weighted average income per common share | $ | 0.47 | $ | 1.08 | $ | 2.86 | $ | 4.63 | |||||||||||||||||||||||||||
| Basic weighted average common shares outstanding | 21,154 | 20,439 | 20,875 | 20,208 | |||||||||||||||||||||||||||||||
| Diluted weighted average common shares outstanding | 21,941 | 21,093 | 21,904 | 21,021 | |||||||||||||||||||||||||||||||
Unaudited Condensed Consolidated Balance Sheets
(In thousands, except per share data)
| September 30, 2026 | December 31, 2025 | |||||||||||||
| ASSETS | ||||||||||||||
| Cash and cash equivalents | $ | 11,061 | $ | 16,441 | ||||||||||
| Restricted cash | 122,610 | 530,500 | ||||||||||||
| Equipment held for operating lease, less accumulated depreciation | 3,024,361 | 2,801,683 | ||||||||||||
| Maintenance rights | 146,479 | 30,632 | ||||||||||||
| Equipment held for sale | 151,282 | 20,509 | ||||||||||||
| Receivables, net | 45,739 | 35,717 | ||||||||||||
| Spare parts inventory | 52,082 | 56,577 | ||||||||||||
| Investments | 167,361 | 104,250 | ||||||||||||
| Property, equipment & furnishings, less accumulated depreciation | 77,026 | 73,835 | ||||||||||||
| Intangible assets, net | 6,292 | 271 | ||||||||||||
| Notes receivable, net | 128,595 | 139,945 | ||||||||||||
| Investments in sales-type leases, net | — | 16,595 | ||||||||||||
| Due from affiliates | 3,152 | — | ||||||||||||
| Other assets | 116,323 | 109,360 | ||||||||||||
| Total assets | $ | 4,052,363 | $ | 3,936,315 | ||||||||||
| LIABILITIES, REDEEMABLE PREFERRED STOCK AND EQUITY | ||||||||||||||
| Liabilities: | ||||||||||||||
| Accounts payable and accrued expenses | $ | 145,874 | $ | 105,706 | ||||||||||
| Deferred income taxes | 290,061 | 228,547 | ||||||||||||
| Debt obligations | 2,524,677 | 2,700,338 | ||||||||||||
| Maintenance reserves | 201,671 | 116,185 | ||||||||||||
| Security deposits | 28,951 | 24,651 | ||||||||||||
| Unearned revenue | 29,966 | 35,350 | ||||||||||||
| Due to affiliates | 607 | — | ||||||||||||
| Total liabilities | 3,221,807 | 3,210,777 | ||||||||||||
| Redeemable preferred stock ($0.01 par value) | 97,992 | 63,401 | ||||||||||||
| Shareholders’ equity: | ||||||||||||||
| Common stock ($0.01 par value) | 228 | 229 | ||||||||||||
| Paid-in capital in excess of par | 83,517 | 72,510 | ||||||||||||
| Retained earnings | 644,228 | 590,785 | ||||||||||||
| Accumulated other comprehensive income (loss), net of tax | 1,518 | (1,387) | ||||||||||||
| Total Willis Lease Finance Corporation shareholders’ equity | 729,491 | 662,137 | ||||||||||||
| Noncontrolling interests | 3,073 | — | ||||||||||||
| Total equity | 732,564 | 662,137 | ||||||||||||
| Total liabilities, redeemable preferred stock and equity | $ | 4,052,363 | $ | 3,936,315 | ||||||||||
